The US dollar inched higher against most major currencies, as investors shifted focus on the latest developments of the coronavirus pandemic in the US and other countries.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year, and added that the current US unemployment rate is by 12% or 13%.

The US Department of Labor revealed that the US economy has lost around 701,000 jobs in March, and the unemployment rate increased to 4.4% from 3.5%.

Coronavirus infections rose to more than 1.3 million cases worldwide, and its death toll rose to more than 70,800 victims.

The dollar index rose by 0.1% to 100.6 points as of 17:55 GMT, after it hit a high of 100.9 and a low of 100.4.

Gold futures surged on Monday, lifted by strong safe-haven demand amid dim outlook for the global economy and the US GDP.

The former Chair of the Federal Reserve, Janet Yellen, estimated that the US GDP will contract by 30% during the second quarter of this year.

Yellen added that the current US unemployment rate is by 12% or 13%, which reflects the severe economic impact of the coronavirus.

The dollar index rose by 0.1% to 100.6 points as of 18:14 GMT, after it hit a high of 100.9 and a low of 100.4.

Gold futures (due June) rose 2.9% or $48.2 to close at $1,693.9 an ounce, with a day high of $1,698 and a low of $1,638.2.

Palladium futures slumped on Monday, despite a rebound in demand for industrial metals, as palladium was weighed down by mounting concerns about weak global demand from the automotive industry.

The major automotive makers started to manufacture respirators and masks amid a global shortage of medical supplies.

Consequently, this lowered demand for palladium, which is heavily used in the manufacturing of car components that reduce exhaust emissions.

President Donald Trump ordered major automotive makers such as Tesla, General Motors, Ford and even Apple to start manufacturing respirators and other medical supplies to provide help in the fight against the coronavirus.

Palladium June futures lost 2.2% to trade at $2,059 an ounce as of 13:33 GMT, after hitting today's high at $2,137 and a low of $2,020.

The major US stock indices opened higher on Monday, on hopes about the US war against the coronavirus pandemic.

The US health agencies showed that deaths in New York has showed slowdown signs, while President Donald Trump expected the pandemic to reach its peak in coming days, with infections and deaths slowing afterwards.

The number of deaths in New York reached 594 victims on Sunday, lower than Saturday's 630 victims.

Jimmy Damon the JP Morgan CEO expressed that he thinks the US will emerge from the coronavirus battle stronger than before.

As for stocks, Dow Jones rose 5% or 1050 points to 22,102 as of 14:01 GMT, Nasdaq rose 4.6% or 340 points to 7,713, and S&P 500 added 5% or 120 points to 2,608.